 Category :: Business AllOther Articles |
Author :: Lou Castillo  |
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| Article Title :: Real Estate - So, You Wanna Buy Pre-Foreclosures? |
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Real Estate - So, You Wanna Buy Pre-Foreclosures?
by: Lou Castillo
So you wanna buy pre-foreclosures? or at the courthouse steps? So many people ask us about this. Here's our '30 second seminar' on it. If you're going to buy PRE-foreclosures--after the seller is behind on her payments, but before the lender's auction date-then there are some pros and cons to consider.
Pros: 1) you've got a good possibility of buying the house subject-to the loan from a very motivated seller who just wants out. 2) you don't need to do any marketing, just read the foreclosure notices (more on this later), pull some comps and do drive-bys. 3) There are several *thousand* foreclosures published each month (read full article) |
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| Category :: Business AllOther Articles |
Author :: Lou Castillo |
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| Article Title :: Conventional Financing For Wholesale Deals |
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Conventional Financing For Wholesale Deals
by: Lou Castillo
This info is very important for both new and experienced wholesalers, AND buyers of fixer-uppers, to carefully read and understand. We learned it painfully, hopefully you won't have to :-)
Often times we are asked by investors about using conventional financing for their investor deals. In other words, they want to go through a bank or other similar lending institution to purchase a fixer-upper from us, or another wholesaler. The obvious advantage is that rates are cheaper, and the loan origination fees (many times referred to as “points”) are both much less than “hard money” (loans from individuals or small instituti (read full article) |
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| Category :: Business AllOther Articles |
Author :: Lou Castillo |
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| Article Title :: Do You Want To Sell Your Rehabs Fast? |
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Do You Want To Sell Your Rehabs Fast?
by: Lou Castillo
That’s an obvious question – we all do! So what is the trick? So much time and money is spent on systems updates, roofs, and structural issues, that many times there’s nothing left for what really makes the sale: what your potential buyers see. And more importantly, what they fall in love with.
People don’t walk into your house, and say, “Wow, they have all new electric. Let's buy.” That’s just a core expectation. The trick to selling houses fast is to seduce your customers to fall in love when they walk through. It has to feel like a home to them.
The two most inexpensive yet surefire ways we have found to create t (read full article) |
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| Category :: Business AllOther Articles |
Author :: Lou Castillo |
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| Article Title :: Don't Just GET THE DEED - The Infamous "Kitchen Ta |
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Don't Just GET THE DEED - The Infamous "Kitchen Table Closing"
by: Lou Castillo
Q: Hi Lou, I have a property under contract that I want to resell/flip as-is to a rehabber/renovator, but I may have to purchase it quickly and simply record the Quit Claim Deed, without using a closing attorney or waiting for a title exam. I need your advice.
The seller just called me and left a msg on my voice mail stating she did not want to sell to me because she received a better offer. Now I do have it under contract, with a signed purchase and sales agreement from her, and I had her sign a Quit Claim deed, too. I did that because she was fighting with her sister over ownership of this property, whic (read full article) |
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| Category :: Business AllOther Articles |
Author :: Lou Castillo |
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| Article Title :: Family Feud with an Auction Deadline – Adventures |
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Family Feud with an Auction Deadline – Adventures in Probate/ Estate Purchases
by: Lou Castillo
One of our investor students told us of an interesting probate deal or "adventure" they're working on now and while it's a good story, it also illustrates lots of the ins and out of probate or estate issues and purchases.
The Seller (we'll call him Scott) co-owned this house with his mom, and he co-signed on the loan with mom. Mom has been deceased for 3 years now.
Scott says his sister lives there and is not making the payments, so the mortgage is behind 6 months in payments, and he's ready to sell the house. He said Mom left no will for her estate, but there are 6 other siblings. If th (read full article) |
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| Category :: Business AllOther Articles |
Author :: Lou Castillo |
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| Article Title :: Real Estate Investing - - The Key To Successful Cl |
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Real Estate Investing - - The Key To Successful Closings
by: Lou Castillo
If everyone always did everything they said they’d do, we’d all be a lot richer. Unfortunately, tasks are overlooked, and the ball is often dropped. If you want to have successful closings, you must have strong “follow-up” skills to catch problems early in the process. Follow-up on everyone and everything.
We can’t begin to tell you the number of closings that almost fell apart, or would have fallen apart had we not kept a watchful eye on the entire process to make sure that everything was completed when it needed to be. Here’s a typical scenario: you’re wholesaling a house and you have just 30 day (read full article) |
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| Category :: Business AllOther Articles |
Author :: Lou Castillo |
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| Article Title :: Real Estate, How Much Should I Pay For This House? |
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Real Estate, How Much Should I Pay For This House?
by: Lou Castillo
We probably answer this question for someone a couple times every week. The problem is that they don’t have a good formula for determining the most they can pay and still make a profit – so they’re scared to make any offer. Here’s what we use for single family homes:
The (MAO) Maximum Allowable Offer is calculated by first determining what the house will be worth after renovation - the ARV (After Repaired Value); less the rehab dollars required; less the Buy/Sell/Hold (B/S/H) costs; less profit margins.
MAO = ARV – Rehab – B/S/H – Profit
So let’s break that down a little further. To determine the ARV (read full article) |
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| Category :: Business AllOther Articles |
Author :: Lou Castillo |
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| Article Title :: No Money Down Real Estate - Fund All Your Deals Wi |
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No Money Down Real Estate - Fund All Your Deals With Private Lending!!
by: Lou Castillo
If you invest in real estate, you need cash to buy houses. Even if you have a full bank account and great credit, you’ll eventually run short on funds - or short on time to obtain a loan - for the next deal. Private lending is the answer. It is a bottomless pool of readily accessible funds: whether you have great credit or poor; whether you have cash reserves or not.
“Private Lending” refers to the process of borrowing real estate investment funds from private individuals at rates higher than these lenders can normally achieve in the marketplace. The attraction of private lending is the speed (read full article) |
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| Category :: Business AllOther Articles |
Author :: Lou Castillo |
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| Article Title :: Real Estate Investing - Writing Killer Postcards t |
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Real Estate Investing - Writing Killer Postcards to Attract Motivated Sellers!
by: Lou Castillo
So many of you have been telling us that you're ready to get started investing, but "you can't find any deals! and what are the steps and secrets to finding great deals?" Some of you have even written asking us if there still ARE any deals left… OF COURSE there are! We find them all the time. But you ain't gonna find them looking at for-sale ads in the paper, for-sale signs in the yard, or by concentrating solely on short sales, foreclosures, REOs and agent-listed properties.
You need to dig out the motivated sellers from under the rocks where they hide, and get THEM to call YOU!! Imagine (read full article) |
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| Category :: Business AllOther Articles |
Author :: Melanie Benson Strick |
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| Article Title :: 5 Questions Every Successful Entrepreneur MUST ASK |
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5 Questions Every Successful Entrepreneur MUST ASK to Make More $$ on your "Cool Ideas"
by: Melanie Benson Strick
All wealthy business owners know that the difference between just being an entrepreneur and being an industry leader lies in choosing viable projects. The key is to focus on those ideas and projects that will give you the greatest return for the time, money and effort you invest in them - hence, choosing high Return on Investment (ROI) projects.
Successful people know how to discern a "cool" idea from a profitable idea. How many times have you said to yourself, "This is a great idea!" but nothing ever comes of it? Here are a few common scenarios that many eager entrepreneu (read full article) |
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